Workers Comp Class Codes Quick Primer The Workers Comp Class Codes are also known as Class Codes, Work Comp Codes, Codes, etc. Today, let us start with the definition of the Class Codes. As I mentioned in my last post, the errors that we find have a common theme to
Main Errors – Auditing Workers Compensation Policies Auditing workers compensation policies involves many steps. We have examined a large number of Workers Compensation policies in our existence. We find errors auditing at least 50% of the time. The most common errors that we have seen are (in order from
Self-Insurance Phenomenon Kills Company Budget Self-insurance was an area I used to not cover as well as it should have been covered that when I had written articles, manuals, or presentations. I coined the term “Self-Insurance Phenomenon” after hearing these comments and auditing self-insured files for private companies and governmental
Automated Reserving Programs For Workers Comp – Better Than An Adjuster? I received this question on automated reserving in response to yesterday’s post. You had said there are no guidelines for a Workers Compensation Adjuster to set the Workers Comp reserves on a file – How about the automated reserving
Workers Compensation Budget Comes From One Group Who is in charge of your Workers Compensation budget that is 100% unregulated? Is it your agent, underwriter, premium auditor, or insurance commissioner? No, not any one of those parties, as they are all under some type of regulation. The unregulated part of
Experience Modification Factor Calculations The Experience Modification Factor calculations consist of four main areas. As I mentioned in a prior post, your Workers Comp premium calculations include 34 steps. However, those are the steps just to calculate your Experience Modification factor, also referred to as an E-Mod or an X-Mod.To
Reduce Your Workers’ Comp Costs – Six Keys (updated) Update – Six Keys To Saving on Workers’ Comp Costs. The mainstay of all my presentations is the (used to be three) “Five Six Keys to Saving on Workers’ Comp Costs.” This is a time-tested list that will reduce Workers’ Comp costs
The Blog Postings – Off and Running So, we are off and running on the blog postings. What I want to do with this blog is to talk about how to save $ on Workers’ Compensation premiums plain and simple. We do not sell any type of insurance. We would
